LONDON (MarketWatch) -- U.S. stock futures pointed to opening gains on Monday after the last session's blast higher, with Citigroup set to rise after the government injected $20 billion as part of a rescue package.
S&P 500 futures rose 15.6 points to 807.60 and Nasdaq 100 futures rose 14.75 points to 1,105.75.
Dow industrial futures added 88 points.
A late-hour rally pushed U.S. stocks to huge gains on Friday, with the Dow Jones Industrial Average jumping 494 points, the Nasdaq Composite rising 68 points and the S&P 500 rising 47 points. The gains came after news leaked that Timothy Geithner will be President-elect Barack Obama's Treasury Secretary, though not all observers were convinced the gains were on the new selection alone.
"Anyone watching the markets Friday will be seriously suspicious of the validity of the huge rally. It was option expiration, and the rally seemed to feed on it itself and in a few select stocks," said Tom Hougaard, market strategist at City Index in London.
The big news over the weekend was the rescue package for Citigroup , which is getting a $20 billion capital infusion and guarantees on as much as $306 billion of its troubled assets. Citi will issue $7 billion in preferred stock with an 8% dividend and the government will be in the charge of executive compensation.
Citi's shares jumped 39% in pre-open trade.
The news helped banking stocks in Europe rise, and Bank of America added 6.7% in pre-open trade.
On the economic front, existing home sales for October will be released, while the U.K. is expected to announce a cut in value-added taxes. Obama's economic team is due to be officially announced.
Elsewhere, Target late Friday announced it rejected a proposal by activist investor Bill Ackman to spin off real estate holdings.
Earnings are due from Campbell Soup - which traditionally benefits in times of a recession - and after the close, Hewlett-Packard and Analog Devices .
Oil futures slipped 14 cents to $49.79 a barrel and the dollar dropped 0.6% to 95.31 yen.
Overseas, the FTSE 100 surged 4.5% in London. Asia stocks weren't as strong, with the Hang Seng dropped 1.35%. Tokyo was closed.
